Early Warning Services, a privately held fintech, appointed Cameron Fowler as its next chief executive officer, according to a press release last Thursday.
Fowler most recently served as the chief strategy and operations officer for Chicago-based BMO Financial Group, according to his LinkedIn profile. He will take over as the new CEO on Oct. 2, the release said.
Albert Ko was previously CEO of Early Warning Services. Ko was appointed to the role in May 2019 and left EWS in May of this year, according to his LinkedIn profile. He is now CEO of shipping services company Auctane.
Scottsdale, Arizona-based EWS is owned by seven major banks: Bank of America, Capital One, JPMorgan Chase, PNC, Truist, U.S. Bancorp and Wells Fargo. Early Warning Services owns digital payments network Zelle and is in the process of launching Paze, a digital wallet expected to be widely available next year.
“I am thrilled to join an organization with the strength, history, and ambition of Early Warning,” Fowler said in an emailed statement.
The appointment could provide insights about the company’s next strategic move, including a potential initial public offering, said Andy Restaino, managing director at the compensation consulting firm Technical Compensation Advisors. “If there’s enough innovation, (Fowler) could oversee either a sale or IPO which could provide opportunities for a substantial windfall if there’s a transaction,” Restaino said by email.
But the new CEO will also face challenges. Fowler will be dealing with ongoing government scrutiny over fraud and payment scams taking place through Zelle. In June, the Consumer Financial Protection Bureau called out Zelle in a report about digital payment app scams affecting U.S. servicemembers. Earlier that month CFPB Director Rohit Chopra told the U.S. Senate Banking Committee that Zelle and other apps were “very slow to take action” to combat fraud.
